Blastr has revealed plans to construct a €4 billion ($4.22 billion) green steel plant in southern Finland, replete with a green hydrogen manufacturing facility driven by wind energy.

The proposal, which has the backing of the Finnish government, would result in the annual production of 2.5 million tonnes of high-quality green steel, with the iron from the ore being extracted using on-site hydrogen production rather than coke.

According to Blastr Green Steel, a division of the Norwegian investment firm Vanir Green Industries, the project will reduce CO2 emissions by 95% when compared to traditional steel, with wind power further decreasing its carbon footprint.

A memorandum of intent between Blastr and the Finnish energy company Fortum will give the Norwegian business the sole right to utilize an industrial site in Inga, a coastal municipality 55 kilometers west of Helsinki that is home to a substantial Swedish-speaking population. The owner of the Inkoo port is Fortum.

According to Business Finland, a government-owned organization that seeks to draw commerce, tourism, and international investment to the Nordic country, the project would be among the largest industrial investments planned in the nation, creating up to 1,200 direct jobs at the site.